Finder Award

ME Online Savings Account

Earn a highly-competitive interest rate of up to 1.00% p.a. on your hard-earned savings.

This online savings account offers a competitive rate of bonus interest each month you meet the account conditions. To be eligible for the bonus interest rate all you need to do is link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be processed within the month (they can't be pending). There's no monthly deposit conditions to meet.

1.00% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Details

Product NameME Online Savings Account
Maximum Variable Rate1.00% p.a.
Standard Variable Rate0.05% p.a.
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age12

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This savings account makes it really easy to earn the bonus interest. You’ll get the 1.00% bonus rate when you link the account to a ME Everyday Transaction account and make four tap & go purchases a month with your ME debit mastercard.

While this rate is quite competitive, you can get a higher rate if you opt for a different account. However you'll likely need to commit to a monthly deposit requirement and might also be restricted from making withdrawals, so keep this in mind when comparing your options.

These four purchases can be of any value, so it could be as easy as buying four coffees in the month. These purchases must be settled not pending by the last day of the month, so make sure you’ve made these purchases with a few days to spare in the month. Just make sure you’re not making unnecessary purchases for the sake of meeting the bonus interest.

Key features

Ongoing, variable interest rate of 1.00% p.a. when you link with a ME Everyday account and have at least four tap & go purchases processed per month.

The bonus interest is payable up to amounts of $250,000 in your ME Online Savings Account. To be eligible for the bonus interest rate you need to link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be settled within the month, and cannot be pending.

NOTE: Purchases made in the month which aren't processed until the following month (for reasons beyond ME's control) are not eligible purchases for bonus interest.

Base interest rate of 0.05% p.a.

Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 0.05% p.a. applied to it monthly. This means you'll still earn interest even if you don't meet the purchase condition.

Launch savings calculator


How to apply

If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking 'go to site'.

Eligibility

Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:

  • Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
  • Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.

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149 Comments

    Default Gravatar
    Aim
    October 11, 2019

    Can I withdraw from ME account and deposit into ANZ account?
    Can I withdraw from ANZ account and deposit into ME account?

      Avatarfinder Customer Care
      Jeni
      October 12, 2019

      Hi Aim,

      Thank you for getting in touch with Finder.

      You may transfer some funds from non-ME or non-ANZ bank accounts via their mobile app or a Direct Credit Request. If you need further assistance on this matter, please reach them out directly.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Dianne
    August 28, 2019

    Are funds with ME bank government guaranteed?

      Avatarfinder Customer Care
      Jhez
      August 29, 2019

      Hi Dianne,

      Thank you for your comment.

      Yes, your total deposits in ME are protected up to a limit of $250,000. This protection is provided as part of the Financial Claims Scheme (FCS), which is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Hope this helps.

      Regards,
      Jhezelyn

    Default Gravatar
    Rick
    October 15, 2018

    If I open a second Everyday Transaction Account, can I get the bonus interest on a second Online Savings Account? Or is it limited to the first online savings account, regardless of how may Everyday Transaction Account there are?

      Avatarfinder Customer Care
      Jhez
      October 16, 2018

      Hello Rick,

      Thank you for your comment.

      Upon checking, you’re automatically eligible for bonus interest on your first online savings account unless it was opened before 10/08/15, in which case you’re only eligible upon request.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

    Default Gravatar
    Anne
    October 5, 2018

    When is the interest on the ME online savings account calculated and paid?

      Avatarfinder Customer Care
      Jeni
      October 5, 2018

      Hi Anne,

      Thank you for getting in touch with finder.

      ME savings accounts calculate the interest daily and paid them monthly.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Jan
    February 23, 2018

    Do I have to have permanent residency to open ME Online savings?

      Avatarfinder Customer Care
      Jhez
      February 23, 2018

      Hi Jan,

      Thank you for your comment.

      Part of the eligibility criteria in applying for an ME online savings account is to be an Australian citizen or permanent resident. You can also apply if you are a resident for tax purposes with an Australian residential address. Please refer to the list of the requirements above under the “How to Apply” tab to see other eligibility requirements.

      Regards,
      Jhezelyn

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